Bank of Pennsylvania

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Bank of Pennsylvania building designed by Benjamin Henry Latrobe. Engraving by William Birch.

The Bank of Pennsylvania was established on July 17, 1780, by Philadelphia merchants to provide funds for the Continental Army during the American Revolutionary War. Its investors included George Meade & Co., with a £2,000 payment.[1] Within a year after the Union was founded in 1781, the Bank of North America superseded the Bank of Pennsylvania.[2]

In 1793, the Bank of Pennsylvania was re-established, with a charter from the Commonwealth of Pennsylvania, and branches were opened in Pittsburgh, Harrisburg, Lancaster, Reading, and Easton.[3] The bank collapsed in September 1857, with Thomas Allibone of the family firm Thomas Allibone & Co. serving as its president.[4]

In 1870, the only remaining piece of the bank headquarters building—one of its iconic stone columns—was moved to Adrian, Michigan, where it was erected as a Civil War Memorial in commemoration of the 84 local soldiers who died in the American Civil War.[5]

  • John Lewis Krimmel, Black Sawyers Working in front of the Bank of Pennsylvania (ca.1813)

References[]

  1. ^ Klepp, Susan E. (February 2000). "Meade, George". American National Biography. doi:10.1093/anb/9780198606697.article.0101287.
  2. ^ Kaplan, Edward S. (1999). The Bank of the United States and the American Economy. Greenwood Publishing. pp. 11–12.
  3. ^ Klein, Philip Shriver; Ari Hoogenboom (1973). A History of Pennsylvania. Penn State Press. p. 223.
  4. ^ History of the Friendly Sons of St. Patrick and the Hibernian Society for the Relief of Emigrants from Ireland, John Hugh Campbell, Hibernian Society, 1892
  5. ^ State of Michigan (2009). "Civil War Memorial". Archived from the original on 5 June 2010. Retrieved June 1, 2010.

Further reading[]

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